GDP Report Shows Economic Growth Slowed in First Quarter

U.S. economic growth decelerated to a 1.1% annual rate in the first quarter as consumers faced high inflation, rising interest rates and the onset of banking problems.

The rise in U.S. gross domestic product in the first three months of the year marked a slowdown from inflation- and seasonally adjusted 2.6% growth in the fourth quarter, the Commerce Department said Thursday.

Gross domestic product is a measure of the value of all the goods and services produced in the country, with bell peppers grown in Florida, concerts in Nebraska and helicopters built in Connecticut...